San Mateo, CA—December 4, 2000—NetLedger, Inc., the leader in Web-based solutions that enable small business to succeed in the new economy has released five versions of NetLedger™ since its launch over a year ago. It now goes far beyond accounting in delivering integrated e-commerce, workflow and other capabilities to manage all aspects of a growing business. On the heels of NetLedger's success in delivering a powerful online business management solution that millions of small businesses can use to run and grow their companies, Intuit has acknowledged with their announcements today that the future of business applications lies in Web-based services.

However, with the approach they have taken, Intuit has missed a huge opportunity to deliver on the promise of Web-based services to their existing QuickBooks customers, because their Web-based solution is not only limited to very simple accounting, but also is incompatible with the shrink-wrap QuickBooks that these customers are using. You cannot migrate from QuickBooks® 2000 to QuickBooks for the Web, although you can migrate from QuickBooks 2000 to NetLedger.

Only the smallest, simplest businesses can benefit from QuickBooks for the Web, which is missing the most basic features needed by a typical small business. To be specific, it has no payroll, invoicing, estimates, sales orders, inventory, finance charges, sales tax, check printing or purchase orders. The list continues: no credit memos, early payment discounts, time & billing, expense reports, credit card processing, online bill pay or customer access, and more: no employee access, import, export, memorized transactions, custom fields or graphs

NetLedger's 12-month lead on Intuit in delivering Internet-based technology to run a small business has allowed it to deliver feature parity with shrink-wrap QuickBooks for accounting functionality and a huge lead in powerful e-business capabilities such as an integrated Web store and online employee expense reporting.

"What small businesses want in the age of the Internet is a unified system that connects employees, customers and suppliers to all aspects of their business. QuickBooks users can get this today by upgrading to NetLedger. Intuit's very limited Web-based offering is just scratching the surface of what is possible and it will be years before they can deliver what small businesses really need," said Evan Goldberg, president and CEO of NetLedger. "NetLedger's strategy of a unified team focused entirely on Internet-based small business systems is sure to deliver the easiest, most integrated, most powerful small business solution to the market long before anybody else. And our extensive partnerships with companies such as Yahoo!, Oracle, ADP, and OfficeMax will lend us the clout to reach the entire small business market."

Customers have raved about the ease of migrating QuickBooks to NetLedger. Stephen Culp, chief executive officer of Smart Furniture.com (www.smartfurniture.com), a Mountain View-based company in California said, "We found NetLedger from the PC Magazine review and we decided to give it a try. The uploading of the QuickBooks data to NetLedger was done within minutes at no cost and it is extremely easy. More importantly, NetLedger also provides us with what we need most to run and grow our business. We truly believe in the product and the well-funded status of the company."

As the first mover in Web-based e-business systems for small businesses, NetLedger is available to comment on Intuit's announcement. NetLedger's founder, president and chief executive officer, Evan Goldberg can provide information on the stark contrast between NetLedger's offerings and those of Intuit.

NetLedger is a trademark of NetLedger, Inc.

Intuit, QuickBooks, QuickBooks Pro, QuickBooks for the Web, among others, are registered trademarks and/or registered service marks of Intuit Inc. Quicken.com and QuickBooks.com, among others, are trademarks and/or service marks of Intuit Inc.